Canada to tax bitcoin users
The Canada Revenue Agency has laid out two different bitcoin tax rules, covering transactions made for goods or services, and for profits made with trades.
A small but growing number of companies are taking advantage of bitcoin payroll services.
Two US states have issued advisories on bitcoin, while Canada's tax authority outlined its position on digital currency-related revenue.
The demand mimics a play tax enforcers at the IRS deployed against Coinbase.
The country only recognizes Canadian bank notes and coins, according to a Department of Finance email statement.
The Canada Revenue Agency has issued an official release on how to treat bitcoin for taxation purposes.